华源证券：食品饮料板块复苏分化关注ROA企稳与结构性景气赛道

智通财经网2025-12-25

智通财经APP获悉，华源证券发布研报称，从食品饮料行业复苏节奏先后来看，当前时点软饮料、零食＞餐饮供应链＞调味品、乳制品、啤酒＞白酒。重视ROA 企稳的调整尾声、复苏起点板块，首先这些板块可能存在估值修复的机会，其次在这类板块中寻找“价”或“量”仍景气的细分赛道，认为价仍是最优选逻辑，量是次选。华源证券主要观点如下：复盘不同消费板块的复苏节奏，既有差异又有共性差异来源于行业供需、产业链结构等，共性...

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华源证券：食品饮料板块复苏分化 关注ROA企稳与结构性景气赛道

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华源证券：食品饮料板块复苏分化关注ROA企稳与结构性景气赛道